After $Alphabet-A (GOOGL.US)$ , $Microsoft (MSFT.US)$ and $M...

After $Alphabet-A(GOOGL.US)$ , $Microsoft(MSFT.US)$ and $Meta Platforms(META.US)$ , cloud Capex for 2024 is trending ~$220bn, or up 35% y/y. We still have to hear from $Amazon(AMZN.US)$ , $Oracle(ORCL.US)$ and China hyper-scalers, but I’d imagine they will follow a similar trend.

Microsoft also pointed out that demand for AI datacenters exceeds supply (which could cap Azure growth near-term). Investors in the theme should take comfort in this comment.

And in terms of use cases, copilots are seeing good roll-out activity with multiple 10k+ seat deals in Q3 - fastest growing new product.

Bullish for $NVIDIA(NVDA.US)$ and companies participating in the downstream AI ecosystem like $Vertiv Holdings(VRT.US)$ .